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October 4, 2022 / Newsletters

Insight on Estate Planning, October/November 2022

Weinstock Manion is pleased to present the October/November 2022 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.

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In this issue:

Now’s The Time To Review Your Estate Plan
That estate plan an individual created years ago should be dusted off and carefully reviewed. One may find it to be out of date or in need of minor tweaking. In any event, it’s likely that some changes are required. The end of the year is an optimal time to act. Get a fresh start on the upcoming year by taking time now to review and revise the estate plan as needed. This article provides several questions to consider when reviewing an estate plan. A sidebar details the benefits of creating a trust.
Read this article.

Qualified Charitable Distributions
Use QCDs To Transfer IRA Funds To Charity
An individual after retiring, or if retiring soon, may be more inclined to make donations to charity. However, he or she may receive little or no tax benefit from the contribution, depending on whether the person itemizes deductions. This article explains how transferring qualified charitable distributions directly from an IRA to a qualified charitable organization can help achieve charitable goals.
Read this article.

Estate Planning Pitfall:
You Sell Real Estate For $1
If a family member offers to sell a piece of property to another member of the family for $1, it may not end up being the great deal it initially seems. This brief article uses an example to explain the potential tax consequences that can result from selling property for $1.
Read this article.

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